SpaceX Pitches Historic IPO With Valuation Near $1.8 Trillion SpaceX is racing toward what could become the biggest stock market debut in history, even as investors debate whether its sky‑high valuation can be justified by rockets, satellites, and a bold bet on orbital AI.

Early June filings set a record-breaking target

On June 3, new filings revealed that SpaceX aims to raise about $75 billion in its initial public offering, selling roughly 555.6 million shares at $135 apiece, implying a valuation around $1.75–$1.77 trillion — enough to rank among the largest U.S. companies by market cap. The company’s S‑1 shows its evolution from a launch provider into a business dominated by its Starlink satellite internet service and a newly integrated AI arm, xAI, which SpaceX says opens up a $26.5 trillion total addressable AI market — a figure analysts note is impossible to independently verify.

Later the same day, reporting from the Financial Times clarified that SpaceX was pitching investors on a valuation as high as $1.78 trillion while seeking to raise up to $86 billion, framing the listing as “the biggest Wall Street debut of all time.”

Roadshow highlights growth story and risks

As the roadshow began, The Verge underscored that, at the indicated price, SpaceX would be worth more than Tesla and become the seventh‑largest U.S. company if spectrum and acquisition deals close as planned. Business Insider reported that CFO Bret Johnsen’s 17‑minute investor pitch followed the S‑1 disclosure of a $4.9 billion loss on $18.7 billion in 2025 revenue, while emphasizing rocket reusability, Starlink’s 10.3 million users and triple‑digit growth, and the vision for lunar and orbital AI data centers.

Retail investors pulled into the spotlight

By June 5, attention had shifted to who gets to participate. The Financial Times reported that up to a quarter of the $75 billion float would be set aside for individual investors, an unusually large retail allocation for a mega‑IPO. A widely shared post amplified by Elon Musk said Fidelity would allow any customer with at least $2,000 in a retail brokerage account to access the deal — “down from up to $500k before” — because SpaceX had “decided to reserve a much higher percentage of the offering (up to 30%).”

Supporters on X highlighted how SpaceX has “literally destroyed the cost to orbit” and launched in seven years almost as many satellites as all governments and companies since the 1950s, framing the IPO as a rare chance for everyday investors to buy into a once‑in‑a‑generation space and AI platform. Skeptics, meanwhile, point to the multibillion‑dollar losses, untested economics of orbital AI data centers, and the sheer scale of the valuation as signs that the historic listing could also be one of Wall Street’s biggest tests of investor optimism.

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